Homework Answers
Answer-
| a | Franchise | Intangible assets |
| b | Software | Intangible assets |
| c | Leasehold | Some other assets |
| d | License | Intangible assets |
| e | Coal mine | Natural resources |
| f | Salt mine | Natural resources |
| g | Trademark | Intangible assets |
| h | Oil field | Natural resources |
| i | Noncompete covenant | Some other assets |
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Identify the following as intangible assets, natural resources, or some other asset. a. Franchise b. Software Leasehold...
ldentify the following assets a through h as reported on the balance sheet as intangible assets, natural resources, or other
ldentify the following assets a through h as reported on the balance sheet as intangible assets, natural resources, or other. a.Customer Listb.Gas Fieldc.Patentd.Salt minee.Gold Minef.Buildingg.Licenseh.Leasehold Improvementi.Trade Name
practice exam questions , help would be really appreicated and returned with a thumbs up!! thanks...
practice exam questions , help would be really appreicated and
returned with a thumbs up!! thanks in advance
Help Save Warner Company's year-end unadjusted trial balance shows accounts receivable of $112,000, allowance for doubtful accounts of $730 (credit), and sales of $410,000. Uncollectibles are estimated to be 1.50% of accounts receivable. 1. Prepare the December 31 year-end adjusting entry for uncollectibles. View transaction list Journal entry worksheet Record the estimate of uncollectibles. Note: Enter debits before credits. Debit Credit General...
Identify and classify long-lived assets.
Indicate whether each of the following items is property, plant, and equipment (write “PPE”), a natural resource (“NR”), or an intangible asset (“I”). If the item does not fit any of these categories, write “NA” (not applicable) in the space provided.a) ________ Buildingb) ________ Cost of goods soldc) ________ Franchised) ________ Diamond minee) ________ Inventoryf) ________ Landg) ________ Mining equipmenth) ________ Note receivable, due in three yearsi) ________ Parking lotj) ________ Patentk) ________ Research costsl) ________ Trademark
Problem 8. Identify the balance sheet classification of each of the following assets by placing an...
Problem 8. Identify the balance sheet classification of each of the following assets by placing an X in the correct classification: Plant Assets, Natural Resources, or Intangibles. Natural Intangible Plant assets Resources Assets a. Trademark b.Oil field c. Gold mine d.Building e.Franchise f. Timberland g.Patent h. Land i.Copyright lj. Leasehold Problem 2: On April 1 of the current year, a company purchased and placed in service a machine with a cost of $240,000. The company estimated the machine's useful life...
Classifying Long-Lived Assets and Related Cost Allocation Concepts cach of the following long-lived assets, indicate its...
Classifying Long-Lived Assets and Related Cost Allocation Concepts cach of the following long-lived assets, indicate its nature and the related collection concept. Use the following symbols M8-1 08-1.8-3. - Nature L Land Building Equipment Natural resource Intangible Other Cast Allocation Concept DR Depreciation DP Depletion A Amortization NO No cost allocation O Other NR Ne Allure Nature (1) Tractors (2) Land in use (3) Timber tract (d) Warehouse (5) New engine for old machine (6) Operating license (7) Production plant...
In the following TBS, you are to complete various tasks related to accounting for intangible assets....
In the following TBS, you are to complete various tasks related to accounting for intangible assets. All information necessary to do your work is provided. Metro Co. lists several items in the spreadsheet below. In the second column indicate whether the item is an intangible asset and how it is classified by clicking on the related cell in that column and selecting from the options provided in the popup list. In the third column indicate the appropriate capitalization of related...
may i get some help with the wrong ines please. Question 1 Partially correct Mark 8.00...
may i get some help with the wrong ines please.
Question 1 Partially correct Mark 8.00 out of 3300 P Flag question Classifying Intangible Costs on the Balance Sheet The adjusted trial balance of Lawrence Corporation showed the following selected account balances (all debits) at December 31, 2020, the end of the annual reporting period $17.600 Trademark 57,600 Patent, net 5.600 Prepaid insurance (two-thirds is long term) 2.400 Accounts receivable net of allowance) 36,000 Copyright, net 4,800 Prepaid rent expense...
Which of the following items should be classified as long-term operational assets?
Which of the following items should be classified as long-term operational assets?a. Prepaid insuranceb. Coal minec. Office equipmentd Accounts receivablee. Suppliesf. Copyrightg. Delivery vanh. Land used in the businessi. Goodwillj. Cashk. Filing cabinetl. Tax library of accounting firm
For each of the following (1) identify the type of account as an asset, lability, equity,...
For each of the following (1) identify the type of account as an asset, lability, equity, revenue, or expense. (2) identify the normal balance of the account, and (3) select debit (Dr) or credit (Cr.) to identify the kind of entry that would increase the account balance Type of Account Normal Balance Increase (Dr. or Cr.) a. Land b. Cash c. Legal Expense d. Prepaid Insurance e Accounts Receivable f Owner, Withdrawals g License Fee Revenue h. Unearned Revenue i...
Exercise 6-2 Identifying long-term operational assets Required Which of the following items should be classified as...
Exercise 6-2 Identifying long-term operational assets Required Which of the following items should be classified as long-term operational assets? a. Prepaid insurance b. Coal mine c. Office equipment d. Accounts receivable e. Supplies f. Copyright g. Delivery van h. Land used in the business i. Goodwill j. Cash k. Filing cabinet I. Tax library of accounting firm Exercise 6-12 Effect of the disposal of plant assets on the financial statements Un Company sold office equipment with a cost of $23,000...
practice exam questions , help would be really appreicated and
returned with a thumbs up!! thanks in advance
Help Save Warner Company's year-end unadjusted trial balance shows accounts receivable of $112,000, allowance for doubtful accounts of $730 (credit), and sales of $410,000. Uncollectibles are estimated to be 1.50% of accounts receivable. 1. Prepare the December 31 year-end adjusting entry for uncollectibles. View transaction list Journal entry worksheet Record the estimate of uncollectibles. Note: Enter debits before credits. Debit Credit General...
Problem 8. Identify the balance sheet classification of each of the following assets by placing an X in the correct classification: Plant Assets, Natural Resources, or Intangibles. Natural Intangible Plant assets Resources Assets a. Trademark b.Oil field c. Gold mine d.Building e.Franchise f. Timberland g.Patent h. Land i.Copyright lj. Leasehold Problem 2: On April 1 of the current year, a company purchased and placed in service a machine with a cost of $240,000. The company estimated the machine's useful life...
Classifying Long-Lived Assets and Related Cost Allocation Concepts cach of the following long-lived assets, indicate its nature and the related collection concept. Use the following symbols M8-1 08-1.8-3. - Nature L Land Building Equipment Natural resource Intangible Other Cast Allocation Concept DR Depreciation DP Depletion A Amortization NO No cost allocation O Other NR Ne Allure Nature (1) Tractors (2) Land in use (3) Timber tract (d) Warehouse (5) New engine for old machine (6) Operating license (7) Production plant...
In the following TBS, you are to complete various tasks related to accounting for intangible assets. All information necessary to do your work is provided. Metro Co. lists several items in the spreadsheet below. In the second column indicate whether the item is an intangible asset and how it is classified by clicking on the related cell in that column and selecting from the options provided in the popup list. In the third column indicate the appropriate capitalization of related...
may i get some help with the wrong ines please.
Question 1 Partially correct Mark 8.00 out of 3300 P Flag question Classifying Intangible Costs on the Balance Sheet The adjusted trial balance of Lawrence Corporation showed the following selected account balances (all debits) at December 31, 2020, the end of the annual reporting period $17.600 Trademark 57,600 Patent, net 5.600 Prepaid insurance (two-thirds is long term) 2.400 Accounts receivable net of allowance) 36,000 Copyright, net 4,800 Prepaid rent expense...
For each of the following (1) identify the type of account as an asset, lability, equity, revenue, or expense. (2) identify the normal balance of the account, and (3) select debit (Dr) or credit (Cr.) to identify the kind of entry that would increase the account balance Type of Account Normal Balance Increase (Dr. or Cr.) a. Land b. Cash c. Legal Expense d. Prepaid Insurance e Accounts Receivable f Owner, Withdrawals g License Fee Revenue h. Unearned Revenue i...
Exercise 6-2 Identifying long-term operational assets Required Which of the following items should be classified as long-term operational assets? a. Prepaid insurance b. Coal mine c. Office equipment d. Accounts receivable e. Supplies f. Copyright g. Delivery van h. Land used in the business i. Goodwill j. Cash k. Filing cabinet I. Tax library of accounting firm Exercise 6-12 Effect of the disposal of plant assets on the financial statements Un Company sold office equipment with a cost of $23,000...
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